The new emissions reduction target, in line with the Paris 1.5C goal, would put the 27-member bloc at the forefront of global climate efforts. The recommendation is expected to undergo intense political debate and it will only be finalised after EU-wide elections in June.
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The European Commission on Tuesday tabled a new pathway to reach climate neutrality by mid-century, recommending a greenhouse gas (GHG) emissions reduction target of 90% by 2040.
The draft includes a number of policies needed to achieve the ambitious target, including strengthening the bloc’s energy independence from fossil fuel imports, creating a level playing field for international partnerships, and implementing the existing binding legislation to cut emissions by at least 55% by 2030. Recent estimates show that member states are not yet on track to achieve the 2030 target, indicating that current energy and climate plans would only lead to a 51% cut in GHG emissions owing to delays in renewables deployment and energy savings.
The Commission also stressed the importance of scaling up carbon capture and storage technology to achieve the needed four-fifths cut in fossil fuel use for energy, estimating that as much as 450 million tons of carbon dioxide (CO2) a year – the equivalent of the emissions of Poland and Denmark combined – will need to be captured by 2050, especially in hard-to-abate sectors where alternatives are less economically viable.
“Europe has already made a strategic decision to invest in an innovative, sustainable and globally competitive economy, centred around agile clean industries. Today, we are taking the next step to achieve just that, with an overarching aim to bring long-term prosperity, stable jobs, and the EU’s greater economic security,” said Maroš Šefčovič, Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight.
For the proposed target to be achieved, the Commission also outlined necessary transformations different sectors – including industry, transport, and agriculture – will have to undergo.
As reported by Reuters, part of the recommendations concerning agriculture were weakened in response to recent weeks-long protests by European farmers. Last week, the EU announced it would delay green rules that would have required them to set aside at least 4% of arable land to promote biodiversity and healthy soil. While the decision represented a win for farmers, many criticised the move, saying it would delay the bloc’s efforts to achieve carbon neutrality and would lock farmers into dependency on unsustainable practices.
Tuesday’s proposal will kick off what is expected to be a long debate on the targets, though it will be the new EU Commission and Parliament’s job to finalise and approve them after June’s European elections.
Achieving these climate targets will require annual investments of about €1.5 trillion ($1.6 trillion) between 2031 and 2040, the Commission said.
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